ED files case against IPL teams for FEMA violation

Written by: Super Admin
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Mumbai, Apr 21 (ANI): The Enforcement Department (ED) has filed a report against all eight Indian Premier League (IPL) teams for violation of key sections of the Foreign Exchange Management Act (FEMA).

The ED is probing the investment of foreign money in the IPL.

The report was filed under the Section Three of the FEMA.

Earlier, Jaipur IPL Cricket Private Ltd, the owner of Rajasthan Royals, resubmitted a proposal before the Foreign Investment Promotion Board (FIPB), the key body responsible for foreign investments, to issue a 32.41 percent stake to Mohan Badale.

In October 2009, its application was rejected by the FIPB.

Meanwhile, the Income Tax (IT) Department is conducting a search at the offices of Sony's Multi Screen Media (MSM) and te World Sports Group (WSG).

On Tuesday, a section of the media reported that the both MSM and WSG had paid 80 million dollars as" facilitation fee."(ANI)

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